On 23 April 2024, the Senate of the Province of Mendoza (“Province”) approved the reform of the Mining Procedures Code (MPC), incorporating international control standards to promote sustainable mining in the Province. The text indicates that it will become effective 15 days after it is published in the Official Gazette of Mendoza. The modifications grant the Province more control powers and prerogatives, as well as more influence.
On 1 December 2023, the Energy Secretariat, through Resolution 970/23 (“Resolution”), created the National Program for the Measurement and Reduction of Emissions from Hydrocarbon Exploration and Production Activities.
Hydrocarbon-producing companies must submit: (i) an annual plan for the measurement of emissions; and (ii) a comprehensive five-year plan for the reduction and/or capture of emissions before the Hydrocarbons Sub-Secretariat, which will be in charge of issuing further complementary regulations.
On 14 November 2023, through Resolution 385/2023 of the Ministry of Environment and Sustainable Development, the National Strategy for the Use of Carbon Markets (ENUMeC) was approved.
The ENUMeC aims to promote the implementation of carbon markets and the development of projects that contribute to the mitigation and adaptation to climate change in Argentina, in line with the international climate commitments undertaken by Argentina (under the Paris Agreement, the United Nations Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol).
The ProNDSAM (for its acronym in Spanish) was created on 3 August 2023 by the National Mining Secretariat.
The agency’s objective is to regulate and standardize the publication of mining sector information under international standards. The data will be published weekly, monthly, and in special reports.
On 27 July 2023, through Resolution 621/2023, the National Energy Secretariat called for interested parties to submit offers in the “TerCONF” open call to enter into thermal generation supply agreements with Compañía Administradora del Mercado Mayorista Eléctrico S.A. for a term of up to 15 years. Remuneration contemplates a payment for the availability of the power offered and another one for the energy supplied. The open call seeks to increase the thermal generation of the Argentine Interconnection System, modernize the power plants and their assets located in Tierra del Fuego, and adapt the reserves to accompany the increasing demand.
On 29 May 2023, the National Executive Power sent the Liquefied Natural Gas Promotion Bill to the Honorable Chamber of Deputies of the Nation. The Bill, while still a draft, creates a Promotional Regime for Large Liquefied Natural Gas Investment Projects for the production, storage, commercialization, transportation and infrastructure of LNG and/or its export, through the granting of tax, customs and exchange control benefits.
On 29 May 2023, the National Executive Power sent the Liquefied Natural Gas Promotion Bill to the Honorable Chamber of Deputies of the Nation. The Bill, while still a draft, creates a Promotional Regime for Large Liquefied Natural Gas Investment Projects for the production, storage, commercialization, transportation and infrastructure of LNG and/or its export, through the granting of tax, customs and exchange control benefits.
On 13 July 2023, Resolution No. 90/2023 of the National Mining Secretariat was published, establishing the updated mining fee that considers the consumer price index published by the National Institute of Statistics and Census. The update will be carried out in December of each year and will be applicable to the value of the mining canon in the following year.
Resolution No. 13/2023 of 16 January 2023 of the Energy Secretariat (SE) establishes the General Conditions that hydrocarbon exploration and production companies must comply with to access Argentina’s foreign exchange market to obtain foreign currency related to their Incremental Oil and Natural Gas Production.
By Decree No. 57/2023 issued on 3 February 2023, the National Executive Power cancelled the 5% export refund on exports of lithium, lithium oxide and hydroxide, lithium chloride and lithium carbonate produced in the provinces of Catamarca, Jujuy and Salta.